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CBA confirms partnership

CBA confirms partnership

(8 April 2008 – Australia) CBA has confirmed its partnership with Asset Finance specialists, equigroup, by purchasing a 50 percent shareholding. The purchase follows a longstanding strategic alliance with the IT and medical asset finance specialists which has lasted ten years.

The bank has said that the commitment demonstrates its intention to increase its presence in the asset finance market and provide greater financing opportunities for customers.

Rowan Munchenberg, Premium Business Services executive general manager banking solutions, said that the equity ownership makes CBA one of only a select few banks in Australia with genuine residual value investment in technology and medical equipment.

Equigroup provides services exclusively to CBA and include the provision of asset management services and residual value investment linked to the financing of technology dependent equipment, ranging from desktop computers to medical diagnostic imaging equipment.

Equigroup has operations in Australia, New Zealand, the UK and Europe.
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